FALLBROOK –. Real estate sales activity was strong again in North San Diego County as entry-level and mid-range homes continued to spark demand for single family residences, Jerry Kalman, a Realtor® with HomeSmart Real Estate, reported last week.
Average August selling prices in Bonsall and Fallbrook of $494,000 were four percent lower than July, but 21 percent better than August 2012. Despite some extreme discounting, the difference between original and selling prices was six percent in August. Meanwhile, more than 30 percent of the homes sold at or above the original asking price.
“While most of those that sold at the market price or above had a short time on the market, several had relatively long periods when they languished before selling. The average time on the market decreased to a year-low of 49 days in August,” he said.
The single-family residential inventory rose again, reaching 279 entering September. Based on August results, the market has more than a six-month supply of homes. The inventory has an average asking price of $813,000 or $258 per square foot.
The number of homes in escrow was 94 properties as 67 came off the market in August. The average asking price of those in escrow increased to $539,000, or $220 per square foot. He noted that a slower pace of activity often begins to occur in August and runs through the remainder of the year.
At the high end, two homes, both in Fallbrook, sold for more than a million dollars; and their average time on the market was 86 days. Five homes with an asking price of one million or more are in escrow and another 67 are on the market with an average asking price of $339 per square foot.
Four condos sold, two in each community, at an average selling price of $269,000. Four condos were in escrow, three in Fallbrook; and six more were on the market, five in Bonsall.
Comparing Bonsall/Fallbrook with other North San Diego County markets, Kalman said that homes here in August sold for $211 per average square foot compared to $316 in Carlsbad, $244 in Oceanside, $239 in San Marcos, $238 in Vista and $216 in Valley Center.